Canara Bank

NSE :CANBK   BSE :532483  Sector : Banks

About Company: Canara Bank was founded in 1906 in Mangalore. Its segments include Treasury Operations, Retail Banking Operations, Wholesale Banking Operations and Other Banking Operations. It has completed over a century in the industry and occupies a premier position in the comity of Indian banks.

New in Canara Bank: Net interest margin, a key profitability parameter, rose to 2.83 per cent for the December quarter from 2.72 per cent in the year ago period. The bank’s net interest income rose 14 per cent year-on-year at Rs 6,946 crore.

Daily Chart of Canara Bank:

Technical Outlook of Canara Bank:

Canara Bank stock gained 8.76% (Rs.19.40 Per share) today on 27th Jan 2022 and closed at 240.80 on NSE. Rally was seen in stock due to robust performance by the Bank in December Quarter. Today Nifty opened Gap down and Dragged down in afternoon trade, contrary to it Canara Bank is outperforming Nifty in last two trading sessions. In the intraday trading session stock moved in the north direction since the morning session and the rally continued till the last hour of trade. Volume in the stock jumped 3.88 times compared to the previous trading session 46.91M shares were traded.

On the daily chart stock managed to close above 0.786% Fibonacci Retrenchment level of 234.50. Now this level would act as support for the stock. Relative Strength Index (RSI) is trading at 66 which suggests momentum in the stock. We recommend short term trades to buy stock at current level around 238- 240 with stoploss placed at 232, Targets on the upside expected are 247.50 and 255.00